EMI/PSP for new Polish VASP or Established Australian VASP

[bizbizbiz]

Hi all

I have an established small Crypto OTC company in Australia with KYC/AML processes and a good Compliance Officer and we are about to set up a Polish VASP.

I am looking for an EMI/PSP/Bank for Europe, I liked Ambr's pricing (Ambr Payments Pricing). The plan was to onboard my Aus entity but work under our Polish VASP, so I can use my existing LP rather than having to set up multiple.
Both Ambr and Zen said they would onboard my Australian entity, upon applying (just submitted corporate docs + website link only) both rejected without giving a reason (not in their risk appetite).

Bankera said they can onboard me, but have a non-refundable 2400EUR application fee, which based on Ambr/Zen seems to risky to go ahead with.
Clear Junction and OpenPayd's are interested but their pricing is too expensive.

Would you have any suggestions or think I should just bite the bullet and use my Polish VASP?

Thanks

 

[Sols]

If you have all the necessary registrations in Australia, opening a bank account in Australia might be an option worth considering. If you do that first, showing a bank statement/reference from a major Australian bank can have a significant positive effect on your chances opening accounts elsewhere.

Aside from that, just keep trying crypto friendly EMIs. You can try for example Verifo, GuruPay, Nexpay, BVNK, and Genome.

Bankera said they can onboard me, but have a non-refundable 2400EUR application fee, which based on Ambr/Zen seems to risky to go ahead with.

Unless it was their head of compliance who said that after reviewing your company in detail, I wouldn't believe that statement at all.

 

[Clearsky Network]

Hi all

I have an established small Crypto OTC company in Australia with KYC/AML processes and a good Compliance Officer and we are about to set up a Polish VASP.

I am looking for an EMI/PSP/Bank for Europe, I liked Ambr's pricing (Ambr Payments Pricing). The plan was to onboard my Aus entity but work under our Polish VASP, so I can use my existing LP rather than having to set up multiple.
Both Ambr and Zen said they would onboard my Australian entity, upon applying (just submitted corporate docs + website link only) both rejected without giving a reason (not in their risk appetite).

Bankera said they can onboard me, but have a non-refundable 2400EUR application fee, which based on Ambr/Zen seems to risky to go ahead with.
Clear Junction and OpenPayd's are interested but their pricing is too expensive.

Would you have any suggestions or think I should just bite the bullet and use my Polish VASP?

Thanks

Are you looking for B2B or C2B banking?

 

[cionide]

If you are going to be operating with any sort of crypto license in Poland I *strongly* suggest that you keep the bank accounts of the company as far away from Poland as possible. Police, prosecutors, and most importantly KNF/GIIF don't understand crypto *at all* and you will very easily get your accounts frozen within the country over nothing. Zen has offices in Poland, and might be forced to act on a request.

 

[bizbizbiz]

If you have all the necessary registrations in Australia, opening a bank account in Australia might be an option worth considering. If you do that first, showing a bank statement/reference from a major Australian bank can have a significant positive effect on your chances opening accounts elsewhere.

Aside from that, just keep trying crypto friendly EMIs. You can try for example Verifo, GuruPay, Nexpay, BVNK, and Genome.


Unless it was their head of compliance who said that after reviewing your company in detail, I wouldn't believe that statement at all.

Thanks, I will look into those options, we do have Crypto friendly banking in Australia. Zen and Ambr did not even give me the chance to provide any sort of documents.

RE: Bankera they said they won't go ahead without the 2400 EUR non-refundable application fee.

Are you looking for B2B or C2B banking?

C2B

 

[Clearsky Network]

Thanks, I will look into those options, we do have Crypto friendly banking in Australia. Zen and Ambr did not even give me the chance to provide any sort of documents.

RE: Bankera they said they won't go ahead without the 2400 EUR non-refundable application fee.


C2B

Do you have experienced MLRO, Sumsub or similar and operational address?
Does the UBO have proof of source of funds?

 

[bizbizbiz]

Do you have experienced MLRO, Sumsub or similar and operational address?
Does the UBO have proof of source of funds?

Yep, we have all of those things.

With Ambr and Zen, they did not even ask those questions.

 

[Clearsky Network]

Yep, we have all of those things.

With Ambr and Zen, they did not even ask those questions.

Zen is rejecting many companies, their acceptance policy has drastically changed.
Try Januar, very crypto friendly and if you meet all the regulatory requirements see now reason why they would reject.
Clear Junction usually will not accept start ups
Also you can try Payswix, the fees are low but compliance is hell.

 

[bizbizbiz]

Zen is rejecting many companies, their acceptance policy has drastically changed.
Try Januar, very crypto friendly and if you meet all the regulatory requirements see now reason why they would reject.
Clear Junction usually will not accept start ups
Also you can try Payswix, the fees are low but compliance is hell.

Thank you for these, I will check them both out!

 

[Lincoln Burrows]

Hi all

I have an established small Crypto OTC company in Australia with KYC/AML processes and a good Compliance Officer and we are about to set up a Polish VASP.

I am looking for an EMI/PSP/Bank for Europe, I liked Ambr's pricing (Ambr Payments Pricing). The plan was to onboard my Aus entity but work under our Polish VASP, so I can use my existing LP rather than having to set up multiple.
Both Ambr and Zen said they would onboard my Australian entity, upon applying (just submitted corporate docs + website link only) both rejected without giving a reason (not in their risk appetite).

Bankera said they can onboard me, but have a non-refundable 2400EUR application fee, which based on Ambr/Zen seems to risky to go ahead with.
Clear Junction and OpenPayd's are interested but their pricing is too expensive.

Would you have any suggestions or think I should just bite the bullet and use my Polish VASP?

Thanks

1. Be happy you got declined by Ambr; it's a shady EMI with no customer support or in-house compliance team; their best response time for any email is 2 weeks, and as I said before in this forum "I believe any EMI that ask for application fees upfront should be instantly ignored; if they're understaffed and underpaid then it's an indication your money will not be safe with them".

2. Besides being expensive: Clearjunction doesn't serve startups anymore, and Openpayd onboarding is horrendous (they also have several restrictions on the type of customers and EU countries you cannot serve).

I'd suggest checking Januar; they're using BankingCircle for their BaaS afaik, they might be my choice if I ever wanted to expand and start offering service in the EU.

 

[bizbizbiz]

1. Be happy you got declined by Ambr; it's a shady EMI with no customer support or in-house compliance team; their best response time for any email is 2 weeks, and as I said before in this forum "I believe any EMI that ask for application fees upfront should be instantly ignored; if they're understaffed and underpaid then it's an indication your money will not be safe with them".

2. Besides being expensive: Clearjunction doesn't serve startups anymore, and Openpayd onboarding is horrendous (they also have several restrictions on the type of customers and EU countries you cannot serve).

I'd suggest checking Januar; they're using BankingCircle for their BaaS afaik, they might be my choice if I ever wanted to expand and start offering service in the EU.

Thanks for the feedback, much appreciated. I will contact them!